LLC «Severgroup», a private investment company founded in 1993 that manages investments on behalf of Alexey Mordashov, has announced the completion of transferring 100 per cent of the block of shares in PJSC «Power machines» to LLC «Severgroup».

The restructuring of assets took into account the state measures on de-offshorisation. The operation was conducted in order to improve the transparency of the company's structure and to improve the corporate procedures.

The deal to transfer the block of shares in the power engineering company was carried out in two stages. In the first stage, the block of shares owned by the company Highstat Ltd in the amount of 99,9999999885175% was transferred to the company Unifirm Ltd.

At the same time, the block of shares owned by Alexey Mordashov in the amount of 0.0000000114825% was transferred to LLC «Severgroup».

At the second stage, the block of shares owned by Unifirm Ltd was transferred to LLC «Severgroup».

The chain of transactions resulted in LLC «Severgroup» being the owner of 100% block of shares.